Rebecca Pow: Where water companies underperform and do not meet their targets, a process is in place whereby basically they have to credit the money back to their customers. Last year, £143 million was credited back in that respect. So the regulator does have the tools to do that. It has tightened up so many of its measures, all of which will affect all the water companies.

Rebecca Pow: For information, Thames Water itself has not paid any dividends for the last six years. Ofwat will rightly hold companies to account when they do  not clearly demonstrate the link between dividends and performance. We made that possible through the landmark Environment Act.